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Apellis Pharmaceuticals, Inc.（APLS）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
INNOVATE Corp.的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$382.7M vs $199.9M），INNOVATE Corp.净利率更高（-1.9% vs -29.5%，领先27.6%），INNOVATE Corp.同比增速更快（61.7% vs -5.9%），过去两年INNOVATE Corp.的营收复合增速更高（10.2% vs 7.7%）
Apellis Pharmaceuticals是一家临床阶段生物制药企业，专注于开发调节补体系统的靶向疗法，适应症覆盖年龄相关性黄斑变性继发地图样萎缩等眼科疾病、罕见血液病及自身免疫性疾病，核心市场为美国及欧盟地区。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
APLS vs VATE — 直观对比
营收规模更大
VATE
是对方的1.9倍
$199.9M
营收增速更快
VATE
高出67.7%
-5.9%
净利率更高
VATE
高出27.6%
-29.5%
两年增速更快
VATE
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $382.7M |
| 净利润 | $-59.0M | $-7.4M |
| 毛利率 | — | 15.4% |
| 营业利润率 | -25.6% | 3.7% |
| 净利率 | -29.5% | -1.9% |
| 营收同比 | -5.9% | 61.7% |
| 净利润同比 | -62.2% | 55.4% |
| 每股收益（稀释后） | $-0.40 | $-0.57 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APLSVATE
| Q4 25 | $199.9M | $382.7M | ||
| Q3 25 | $458.6M | $347.1M | ||
| Q2 25 | $178.5M | $242.0M | ||
| Q1 25 | $166.8M | $274.2M | ||
| Q4 24 | $212.5M | $236.6M | ||
| Q3 24 | $196.8M | $242.2M | ||
| Q2 24 | $199.7M | $313.1M | ||
| Q1 24 | $172.3M | $315.2M |
净利润APLSVATE
| Q4 25 | $-59.0M | $-7.4M | ||
| Q3 25 | $215.7M | $-8.9M | ||
| Q2 25 | $-42.2M | $-19.8M | ||
| Q1 25 | $-92.2M | $-24.5M | ||
| Q4 24 | $-36.4M | $-16.6M | ||
| Q3 24 | $-57.4M | $-15.0M | ||
| Q2 24 | $-37.7M | $14.4M | ||
| Q1 24 | $-66.4M | $-17.4M |
毛利率APLSVATE
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
营业利润率APLSVATE
| Q4 25 | -25.6% | 3.7% | ||
| Q3 25 | 48.7% | 1.8% | ||
| Q2 25 | -18.6% | 2.0% | ||
| Q1 25 | -50.0% | 1.2% | ||
| Q4 24 | -12.3% | 1.1% | ||
| Q3 24 | -24.0% | 2.4% | ||
| Q2 24 | -14.7% | 9.2% | ||
| Q1 24 | -36.0% | 0.9% |
净利率APLSVATE
| Q4 25 | -29.5% | -1.9% | ||
| Q3 25 | 47.0% | -2.6% | ||
| Q2 25 | -23.6% | -8.2% | ||
| Q1 25 | -55.3% | -8.9% | ||
| Q4 24 | -17.1% | -7.0% | ||
| Q3 24 | -29.2% | -6.2% | ||
| Q2 24 | -18.9% | 4.6% | ||
| Q1 24 | -38.5% | -5.5% |
每股收益（稀释后）APLSVATE
| Q4 25 | $-0.40 | $-0.57 | ||
| Q3 25 | $1.67 | $-0.71 | ||
| Q2 25 | $-0.33 | $-1.67 | ||
| Q1 25 | $-0.74 | $-1.89 | ||
| Q4 24 | $-0.30 | $-0.72 | ||
| Q3 24 | $-0.46 | $-1.18 | ||
| Q2 24 | $-0.30 | $1.03 | ||
| Q1 24 | $-0.54 | $-2.21 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $466.2M | $112.1M |
| 总债务越低越好 | — | $80.3M |
| 股东权益账面价值 | $370.1M | $-240.1M |
| 总资产 | $1.1B | $950.1M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APLSVATE
| Q4 25 | $466.2M | $112.1M | ||
| Q3 25 | $479.2M | $35.5M | ||
| Q2 25 | $370.0M | $33.4M | ||
| Q1 25 | $358.4M | $33.3M | ||
| Q4 24 | $411.3M | $48.8M | ||
| Q3 24 | $396.9M | $51.0M | ||
| Q2 24 | $360.1M | $80.2M | ||
| Q1 24 | $325.9M | $38.4M |
总债务APLSVATE
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | $93.1M | $641.5M |
股东权益APLSVATE
| Q4 25 | $370.1M | $-240.1M | ||
| Q3 25 | $401.2M | $-233.3M | ||
| Q2 25 | $156.3M | $-224.8M | ||
| Q1 25 | $164.2M | $-204.2M | ||
| Q4 24 | $228.5M | $-180.4M | ||
| Q3 24 | $237.1M | $-163.1M | ||
| Q2 24 | $264.3M | $-149.0M | ||
| Q1 24 | $266.7M | $-184.4M |
总资产APLSVATE
| Q4 25 | $1.1B | $950.1M | ||
| Q3 25 | $1.1B | $913.2M | ||
| Q2 25 | $821.4M | $890.9M | ||
| Q1 25 | $807.3M | $868.0M | ||
| Q4 24 | $885.1M | $891.1M | ||
| Q3 24 | $901.9M | $897.2M | ||
| Q2 24 | $904.5M | $898.9M | ||
| Q1 24 | $831.9M | $943.5M |
负债/权益比APLSVATE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.35× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-14.2M | $101.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $45.0M | — |
8季度趋势，按日历期对齐
经营现金流APLSVATE
| Q4 25 | $-14.2M | $101.1M | ||
| Q3 25 | $108.5M | $19.2M | ||
| Q2 25 | $4.4M | $40.4M | ||
| Q1 25 | $-53.4M | $-14.1M | ||
| Q4 24 | $19.4M | $41.4M | ||
| Q3 24 | $34.1M | $-28.4M | ||
| Q2 24 | $-8.3M | $21.5M | ||
| Q1 24 | $-133.0M | $-25.4M |
自由现金流APLSVATE
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | $19.0M | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | $-18.8M | ||
| Q4 24 | $19.3M | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | $-8.4M | $18.4M | ||
| Q1 24 | $-133.3M | $-31.0M |
自由现金流率APLSVATE
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | 5.5% | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | -6.9% | ||
| Q4 24 | 9.1% | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | -4.2% | 5.9% | ||
| Q1 24 | -77.3% | -9.8% |
资本支出强度APLSVATE
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.0% | 3.0% | ||
| Q3 24 | 0.0% | 1.3% | ||
| Q2 24 | 0.0% | 1.0% | ||
| Q1 24 | 0.2% | 1.8% |
现金转化率APLSVATE
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
